Analysts are increasingly critical of the multiple of net asset value (mNAV) metric used to evaluate companies with significant bitcoin holdings. Greg Cipolaro from NYDIG highlights that mNAV oversimplifies financial assessments by ignoring crucial balance sheet risks, such as convertible notes and the intrinsic value of the operating company. Cipolaro suggests that mNAV fails to capture refinancing risks and potential hidden upsides, advocating for a more comprehensive valuation model as bitcoin treasury firms proliferate.